we are back with dan henninger, kim strassle and editor james freeman joins us. so let's ask that fundamental question, which i guess is the main issue here, five years later, are we safer from another meltdown? >> we wish. we'd like to say that we are. but absent a few minor reforms, we are missing the role of credit ratings, maybe we'll see some reduction in the amount of debt banks can take on. basically what we've had is a codification of the 28 bailouts of wall street. now firms are officially, systemically important and implicit, too big to fail label. >> but wait, now, there has been more capital standards have been raised. banks have to keep more capital, which is a buffer between them and trouble. i think that's an improvement, isn't it? >> well, we'll see. that's not entirely clear how that finishes up. but i think that assumes that regulators know the right amount of capital and they've set the right rules on what counts is in terms of the risk of certain assets, a lot of variables there. what is really amazing is if you think of the outrage back in 20